Homebuyers submit proposal suggesting ways to improve UP-RERA Act

NOIDA: Homebuyers in Gautam Budh Nagar have submitted an eight-point proposal suggesting ways to improve the UP-Rera Act ahead of the real estate regulatory authority’s first convention, to be held in Lucknow on November 4.

“We have submitted eight suggestions for alteration of the Act. First, National Company Law Tribunal (NCLT) should not interfere in the real estate sector. Second, UP-Rera should be involved to complete stalled projects. It should have the expertise of architects, chartered accountants and construction agencies and have the budget for the same. It should get more teeth,” said Indrish Gupta, a representative of homebuyers and member of UP-Rera.

“Our aim should be completing stalled projects, not imposing penalty or issuing notices or cancelling builders’ registration. Suo motu action should be taken against misleading advertisements by builders and fixed timelines must be created for redressal of all complaints received by UP-Rera,” Gupta added.

Outlining the main priorities of the upcoming convention, UP-Rera member Balwinder Kumar said on top of the agenda would be mobilising a stress fund for builders to set the ball rolling for stuck projects. Secondly, said Kumar, the authority will consider ways to mobilise concessions for builders to lighten their dues. Thirdly, it will work on a mechanism to help buyers get a resolution of their complaints so they do not have to push for insolvency, he added.

“Either buyers or builders are pushing the delayed projects towards resolution by filing cases with the NCLT. Once cases are in insolvency court, the process continues for a long time. We want to prevent this. Creating a stress fund and concession to builders are also priorities,” said Kumar.

Source From:https://economictimes.indiatimes.com/wealth/real-estate/homebuyers-submit-proposal-suggesting-ways-to-improve-up-rera-act/articleshow/71753896.cms

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